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Friday, July 1, 2016

5 ways to verify your income tax return

With just a little over 4 weeks left till the deadline for filing income tax returns (ITR), most people have started filing their ITR.

An ITR after being filed has to be verified by the assessee. It is not treated as valid until it is verified by the taxpayer.

In the existing process, a taxpayer can verify his/her return electronically or physically.

Taxpayers have the option to e-verify their respective returns at the time of uploading or after uploading.

Taxpayers can verify the return using any one of the following methods: 

E-verification modes

EVC received on the registered mobile number and e-mail.

Electronic Verification Code (EVC) is a 10 digit alphanumeric code which can be generated through an e-Filing portal and is valid for 72 hours.

Aadhaar OTP

Login to e-Filing through net banking.

Bank account-based validation

Physical/personal verification

Verify through EVC

Under this alternative, two options are displayed to the taxpayers.

Under the first option, the user sees a screen where he has to enter the pre-generated EVC in the provided text box and click "Submit" to e-verify.

No further action is required.

Under the second option, the user can get the EVC on his registered email ID and mobile number.

Click "EVC - to registered email ID and mobile number". Enter the EVC received in your mobile number and email ID in the provided text box and click "Submit".

You will receive a system generated message that your return has been e-verified. You should keep a printout of this message. No further action is required.

Verify through Net Banking

You can log-into your net banking account and click on the "income tax e-filing tab" and subsequently you will be redirected straight to the income tax site.

After logging into the income tax site, click on the option "View Returns/ Forms" to see e-filed tax returns.

Then select the option "Click here to view your returns pending for e-verification" and then click on "e-verify".

No further action is required.

Verify through Aadhaar OTP

To generate Aadhaar OTP, the taxpayer's PAN and Aadhaar must be linked to the income tax website and your mobile number must be linked to your Aadhar.

You just need to fill in your Aadhaar number in the box given in the pop-up and your Aadhaar will get linked to the e-filing portal. OTP is generated and sent to the mobile number registered with Aadhaar.

Enter Aadhaar OTP in the text box provided and click on 'Submit'. Success page is displayed. No further action is required. Note that the Aadhaar OTP as EVC is valid only for 10 minutes.

Verify through bank account-based validation system

This is the most recent mode introduced by the I-T Department for the assessee to e-verify their return.

Now taxpayers e-verify their ITRs by providing their banks details like account number, Indian Financial System Code (IFSC), email address and mobile phone number.

These details will then be validated against the details with the bank. Electronic Verification Code (EVC) will be sent by the e-filing portal to the assessee's email ID and mobile number, which he or she can use to e-verify the return.

If you e-verify using any of the above methods you will receive a system generated message that your return has been e-verified. You should keep a printout of this message.

Verify by sending ITR-V

If the taxpayer is not able to e-verify immediately because of any reason, then he/she can download the ITR-V, sign it manually and send it to CPC through post.

ITR-V is a one page document which you need to sign in blue ink and send it via ordinary post or speed post.

Password to open ITR-V is your PAN number in lower letters along with DOB.

You do not need to send any supporting document along with the ITR-V. Just send the one page signed ITR-V.

When your duly signed ITR-V is received and entered in the records at CPC you will receive an email at your registered email ID that the ITR-V has been received and your return has been verified.

Source:-The Economic Times

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